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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
41

Essays on corporate ownership and governance

Islas Rojas, Gonzalo Andres, January 2007 (has links)
Thesis (Ph. D.)--UCLA, 2007. / Vita. Includes bibliographical references.
42

Three essays in corporate finance and market microstructure

Semenenko, Igor January 1900 (has links)
Thesis (Ph.D.)--University of Alberta, 2009. / Title from pdf file main screen (viewed on July 17, 2009). "Fall 2009." At head of title: University of Alberta. "A thesis submitted to the Faculty of Graduate Studies and Research in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Finance, Faculty of Business." Includes bibliographical references.
43

Monitoring or moral hazard? evidence from real activities manipulation by venture-backed companies /

Liu, Xiang. Raman, Krishnamurthy K., January 2009 (has links)
Thesis (Ph. D.)--University of North Texas, Dec., 2009. / Title from title page display. Includes bibliographical references.
44

Information, market sentiment and corporate finance : the role of investors' attention /

Cen, Ling. January 2008 (has links)
Thesis (Ph.D.)--Hong Kong University of Science and Technology, 2008. / Includes bibliographical references.
45

Listing day return and underpricing cost for China enterprises in advance payment initial public offerings

Che, Yuen Shan 01 January 2010 (has links)
No description available.
46

Who buys IPOs on the first day?. / 谁在上市首日买入IPO股票? / Who buys initial public offerings on the first day? / CUHK electronic theses & dissertations collection / ProQuest dissertations and theses / Shui zai shang shi shou ri mai ru IPO gu piao?

January 2011 (has links)
By doing so, we contribute to the existing literature in at least the following aspects: / First, contrasted with Chakravarty (2001) which finds that cumulative price change is mainly caused by institutional investors, we document that, at least in the Chinese IPO market, it is the individual investors, rather than the institutions, that have the most dominant impact on the cumulative price change. This is consistent with the prediction of De Long et al. (1990a) and the fact that noise trader risks play an important role in Chinese stock market, which leaves the prices deviated from fundamental values and not arbitraged out. / Initial Public Offering (IPO) refers to the first sale of stocks by a company (called an issuer) to the public. Since the late 1960s high initial return, which is measured from the offer price to the first-day closing price, has become a hot topic. This phenomenon has been found in a range of countries, and in China the ratio is even much higher. / On top of that, we further investigate different types of individual investors by categorizing them according to their trading experiences. We find that those less experienced individuals tend to buy an IPO stock in a more impatient way, while investors who buy on the first non-hit day are more experienced. And waiting averagely 1.4 days can raise the return by more than 1.5% in 30 days. / Our research attempts to tackle the high initial return in China from the aspect of investor structure. First, we find empirical evidence that there are more sells than buys on the IPO day, and this demonstrates that flippers are responsible for the huge trading volume. Combining the identities of investors with the trading data, we also find that individual investors dominate the first day trading, in the sense that individuals, rather than institutions, contribute a larger part of the cumulative price change on the IPO day. / Our studies have many practical implications from several perspectives. First, analyzing the investor structure and their behavior during the IPO day can help us understand the characteristics of those investors who move the stock price. Second, our research can also help to know the different trading style of different kinds of investors. According to our research, investors maybe can design more favorable investment strategies. And for the regulators, our research can help them formulate more reasonable trading rules and regulations. / Second, existing literature show that more experienced investors tend to end up with better investment results, while our study builds a bridge between investor experiences and their decision making procedure. Our finding also contributes to the technical analysis literature, such as Lo, Mamaysky and Wang (2000), among others, in that we find experienced investors indeed tend to do more technical analysis and obtain better investment results. / Zhai, Weili. / Advisers: Jia He; Ying Foon Chow. / Source: Dissertation Abstracts International, Volume: 73-08(E), Section: A. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (leaves 113-122). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese.
47

An investigation of the underpricing of initial public offerings in Hong Kong: 1986-1992.

January 1994 (has links)
by Hui Sheung Yin, Yim Kam Kin. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 69-70). / abstract --- p.ii / table of contents --- p.iii / list of tables --- p.v / acknowledgments --- p.vi / Chapter Chapter I. --- INTRODUCTION --- p.1 / Chapter Chapter II. --- literature review --- p.4 / Ivo Welch (1989) --- p.4 / Rock (1986) --- p.5 / Beatty and Ritter (1984) --- p.6 / "Kim, Krinsky and Lee (1993)" --- p.7 / McGuiness (1990) --- p.8 / Grinblatt and Hwang (1989) --- p.9 / Thomas J. Chemmanur (1993) --- p.10 / Chapter Chapter III. --- RESEARCH METHODOLOGY --- p.11 / Data Description --- p.11 / The Measurement of Underpricing Levels - --- p.14 / The Determination of IPO Underpricing --- p.17 / Explanation 1 for IPO: Uncertainty --- p.19 / Explanation 2 for IPO: Underwriter's Quality --- p.20 / Explanation 3 for IPO: Signaling Effect --- p.22 / Chapter Chapter IV. --- RESULTS AND DISCUSSION --- p.24 / First Day Initial Excess Return --- p.24 / Correlation between Initial Excess Return and determinations --- p.27 / Multivariate Regression Analysis --- p.29 / Chapter Chapter V. --- CONCLUSION --- p.36 / APPENDIXES / Chapter 1. --- Listing Requirements and Methods of Listing (For Equity Securities) --- p.38 / Chapter 2. --- Ranking of Underwriters --- p.41 / Chapter 3 . --- Correlation Matrix for Initial Excess Return and Explanatory Variables --- p.43 / Chapter 4. --- Selected Hong Kong Initial Public Offerings April 86 - December 92 --- p.44 / Chapter 5. --- Percentage Price Change From Offer Price of the end of the First Trading Day --- p.51 / Chapter 6. --- "Daily Excess Return, Periods: First Day to Seventh Day after listing" --- p.55 / Chapter 7. --- "Daily Excess Return, Periods: 8th to 10th, 15th, 20th, 25th and 30th day after listing" --- p.62 / BIBLIOGRAPHY --- p.69
48

A study of mutual influence between underwriters' market value and initial public offer's return in Hong Kong.

January 1995 (has links)
by Cheung Siu-fai, Dickson, Mak Wai-man, Raymond. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 69-70). / ABSTRACT --- p.ii / TABLE OF CONTENT --- p.iii / LIST OF TABLES --- p.v / LIST OF FIGURES --- p.v / ACKNOWLEDGMENTS --- p.vi / INTRODUCTION --- p.1 / Current Situation --- p.1 / Description of Initial Public Offers --- p.2 / Initial Public Offers Versus Other Floatation Methods --- p.3 / IPO Procedures And Requirements In Hong Kong --- p.4 / Authorities Related To Initial Public Offers --- p.6 / Statistics of Initial Public Offers In Hong Kong From 1990 To 1994 --- p.6 / Sponsor --- p.7 / Underwriter --- p.7 / LITERATURE REVIEW --- p.10 / Previous Studies on IPO --- p.10 / Limitations of Previous Studies on IPOs in Hong Kong --- p.11 / Scope and Significance of The Study --- p.12 / DATA SOURCES AND SAMPLE DESCRIPTION --- p.14 / Data Sources --- p.14 / Sample Description --- p.15 / RESEARCH METHODOLOGY --- p.18 / Objectives --- p.18 / Neutralization of the Effects of HSI and Dividend --- p.19 / Assumptions --- p.20 / Framework of Analysis --- p.21 / Statistical Methods --- p.21 / Chapter i. --- First Layer - Correlation Model --- p.22 / Chapter ii. --- Second Layer - Regression Model --- p.23 / DATA ANALYSIS AND FINDINGS --- p.25 / Predictability Of IPO Performance --- p.25 / Chapter i. --- Empirical Evidence --- p.25 / Chapter ii. --- Framework Of Offer Period --- p.26 / Chapter iii. --- Correlation Coefficient --- p.26 / Chapter iv. --- Regression Model --- p.27 / Chapter v. --- Implications --- p.31 / Impact of First-day IPO Return on Underwriter's Market Value --- p.33 / Chapter i. --- Empirical evidence --- p.33 / Chapter ii. --- Framework of Offer period --- p.34 / Chapter iii. --- Correlation coefficient --- p.34 / Chapter iv. --- Regression model --- p.35 / Chapter v. --- Implications --- p.37 / Separation of Lead-underwriters and Co-underwriters --- p.38 / Chapter i. --- Lead-underwriters --- p.38 / Chapter ii. --- Co-underwriters --- p.41 / Chapter iii. --- Implications --- p.41 / CONCLUSIONS --- p.42 / FURTHER CONSIDERATIONS --- p.45 / APPENDIX --- p.47 / BIBLIOGRAPHY --- p.69
49

A study of advising agents' influence on Hong Kong initial public offers: 1980-1989.

January 1990 (has links)
by So Tak Chee, Joshua. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1990. / Bibliography: leaves 65-67. / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGEMENT --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Initial Public Offers in Hong Kong --- p.2 / The Companies --- p.2 / The Advising Agents --- p.4 / The Authorities --- p.6 / Comparison with Other Paths --- p.7 / Previous Studies on IPOs --- p.9 / Signaling Hypotheses --- p.9 / Underpricing of Initial Public Offers --- p.10 / Limitations in Study of Hong Kong IPOs --- p.11 / Scope and Significance of this Study --- p.12 / Chapter II. --- RESEARCH METHODOLOGY --- p.14 / Period of Study --- p.14 / Sourcing --- p.15 / Questionnaire --- p.15 / Design --- p.15 / Content --- p.15 / Administration and Outcome --- p.16 / Limitations --- p.17 / Opinion Poll --- p.17 / Sample --- p.17 / Administration and Outcome --- p.18 / P/E Comparison --- p.18 / Test of Underpricing Factors --- p.18 / Reputation of Advising Agents --- p.19 / Market Enviroment --- p.19 / Internal Factors --- p.20 / Data Analysis --- p.20 / Chapter III. --- MERCHANT BANKERS' VIEW ON IPO --- p.22 / Importance of the Business --- p.22 / Mechanism Behind the Job --- p.24 / Motives for Flotation --- p.24 / Initial Price Setting --- p.25 / Other Participants --- p.25 / Co-Workers --- p.26 / Competitors --- p.27 / Chapter IV. --- MERCHANT BANKERS' INFLUENCE ON IPO --- p.29 / Relative P/E Comparison --- p.29 / Subscription Rate --- p.30 / Price Performance --- p.32 / Primary Market --- p.32 / Secondary Market --- p.33 / Chapter V. --- TEST OF FACTORS ON IPO UNDERPRICING --- p.35 / Regression Outcomes --- p.35 / Significance of Factors --- p.40 / Advising Agents --- p.40 / Market Enviroment --- p.40 / Internal Factors --- p.40 / Chapter VI. --- CONCLUSION --- p.42 / APPENDIX --- p.44 / BIBILOGRAPHY --- p.65
50

An empirical investigation of underpricing of initial public offerings in Hong Kong.

January 1995 (has links)
by Lam Ka Ming. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 83-86). / Chapter CHAPTER 1 --- INTRODUCTION --- p.1 / Chapter CHAPTER 2 --- REVIEW OF THEORIES AND LITERATURE / Chapter 2.1 --- Empirical Studies on IPO Underpricing --- p.7 / Chapter 2.2 --- "Underpricing, Auditors and Underwriters" --- p.10 / Chapter 2.3 --- Rock's Adverse Selection hypothesis --- p.16 / Chapter 2.4 --- The Signalling Hypothesis --- p.23 / Chapter 2.5 --- Unit IPO --- p.31 / Chapter 2.6 --- Empirical Studies on Hong Kong IPOs --- p.32 / Chapter Chapter 3 --- DATA AND METHODOLOGY / Chapter 3.1 --- Measures of Underpricing --- p.35 / Chapter 3.2 --- Test for Rock's Model --- p.40 / Chapter 3.3 --- Test for the Signalling Hypothesis --- p.44 / Chapter 3.3.1 --- Probability of Reissue --- p.47 / Chapter 3.3.2 --- Size of Seasoned Offering --- p.48 / Chapter 3.3.3 --- Time between IPO and Announcement of Seasoned Offering --- p.48 / Chapter 3.3.4 --- Price Reaction on Announcement Date --- p.49 / Chapter CHAPTER 4 --- RESULTS / Chapter 4.1 --- Underpricing of Hong Kong IPOs --- p.51 / Chapter 4.2 --- Rock's Model --- p.53 / Chapter 4.2.1 --- The Winner's Curse Problem --- p.53 / Chapter 4.2.2 --- Regression Results --- p.54 / Chapter 4.3 --- Signalling Hypothesis --- p.62 / Chapter 4.3.1 --- Probability of Reissue --- p.62 / Chapter 4.3.2 --- Size of Seasoned Offering --- p.64 / Chapter 4.3.3 --- Time between IPO and the First Seasoned Offering --- p.65 / Chapter 4.4.4 --- Price Reaction on Announcement Date --- p.66 / Chapter CHAPTER 5 --- DISCUSSION --- p.67 / Chapter CHAPTER 6 --- CONCLUSION --- p.71 / FIGURES --- p.72 / APPENDIX A SPECIMEN OF ANNOUNCEMENT OF BASIS OF ALLOTMENT --- p.75 / APPENDIX B LIST OF COMPANY --- p.76 / REFERENCE --- p.83

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